Markets open on cautious note on Wednesday. Key stocks to watch include ICICI Lombard (Q1 profit up 29%), HDFC Life (14% profit rise), Biocon (FDA nod for diabetes drug), Zydus (USFDA nod), and Dixon (new JV, 51% Q Tech stake). Tech Mahindra, ITC Hotels, Angel One, and L&T Tech are set to report earnings today.